Acquisition will become part of Willis’s FINEX division
Global broker Willis has agreed to buy UK professional indemnity (PI) broker Prime Professions for an undisclosed sum.
Completion of the transaction is subject to regulatory approval.
The new acquisition will become part of FINEX, Willis’s financial and executive risks practice.
Following the completion of the deal, Prime Professions’ director and head of risk solutions Martin Ellis will lead Willis’s UK PI practice.
Prime Professions was formed in 2006. Its clients range from small and mid-sized professional service firms to large, global organisations.
The clients cover the full spectrum of professional services, including accountancy, financial services, legal, property and construction.
Prime Professions is also a market leader for solicitors, representing about 1,000 firms in the UK, including many of the top 100 law firms.
Willis group deputy chief executive and Willis Global chief executive Steve Hearn said: “The acquisition of Prime Professions represents a big growth opportunity for Willis in the PI insurance space.
“Through organic growth and targeted mergers and acquisitions activity, we are continually seeking to grow our capabilities and reach. Combining our strengths as a major global broker with Prime Professions’ specialist expertise and unique market insights will significantly enhance our capabilities and market share in this area.”
FINEX chairman Roland Avery added: “Willis already represents a number of the largest international professional service firms in the world and the acquisition of Prime Professions will considerably enrich our risk management capabilities and specialist insurance market knowledge. This will help us to optimise and tailor the range of risk transfer solutions that we are able to offer our clients.”
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